I live in US but I have left some of my savings in Canada in $ CA. There is more than 100K in Canadian checking/savings account. US $ is not very sought currency nowadays.
Will I have any issues with Revenue Canada because of this?
I do not want to pay double tax.
Also, I have a little problem, I did not report this on the TD F 90-22.1 form last year and I had more 10K in my checking account.
Any idea what to do now?
What kind of fine are we talking about?
Any help is welcomed!
Thanks!
Keeping $ 100,000 in Canadian accounts while living in US
Moderator: Mark T Serbinski CA CPA
hy would this cause "issues" with CRA? CRA taxes income, not wealth.
Besides, for several years now, CRA does not tax interst held by US residents.
You need to file RD form for all your accounts, no matter how small, once the total for these accounts together is more than 10K,
So file TD form.
And, just as important, report the nterst on your 1040.
Besides, for several years now, CRA does not tax interst held by US residents.
You need to file RD form for all your accounts, no matter how small, once the total for these accounts together is more than 10K,
So file TD form.
And, just as important, report the nterst on your 1040.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best